Real estate reforms in upcoming budget.

Q: What can be expected in real estate from the Union Budget? Any new updates?

Shrikant Kejriwal, Mumbai

25th January 2013

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As per data, housing shortage of the country is very high at 18.1 million houses and an incremental need is around another 10 million houses which needs a pragmatic and practical look at the real estate sector at the moment.
Also, the current need is to treat affordable housing as priority and the rates of interest for housing loans should be brought down to an acceptable 7.5 per cent.

Arup rajan, Mumbai

29th January 2013

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As per reports, commercial real estate has gone down by 13% and residential real estate in Mumbai has gone up 1.29%. The present risk weightage of 1.25 percent given by the RBI, resulted in choking of bank finance to real estate, which in turn impacted the availability of housing stock and the prevailing market-driven high prices.
CREDAI also suggested removing the RBI risk weightage and called for easy and low-cost funding for housing in order to encourage developers to increase the supply of properties in Mumbai with price cuts.

Sandeep Mhatre, Mumbai

29th January 2013

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The proposed tax incentives includes creation of special housing zones with tax exemptions for constructing 45 sq mt houses for low income groups and 30 sqmt houses for the economically weaker sections. Also, it includes allowing tax exemption for small houses of under 60 sq mt of carpet area.

Ravi Waghmare, Mumbai

29th January 2013

Comment

With the Union Budget in the pipeline, developers have sent their wishlist to the Finance Minister to be included in the upcoming budget.
The real estate developers’ body CREDAI has demanded for an inclusive housing policy and tax incentives. Presenting an inclusive housing policy, the developers’ body also demanded for housing sector to be accorded industry status.

Sunil Joshi, Mumbai

27th January 2013

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